The US dollar slumped as President Trump’s tariff announcement sent shockwaves through global markets. With a 10% baseline tariff on imports, fears of a global economic slowdown intensified. Investors sought safe havens as stock markets and currencies faltered.
The US dollar slid while the euro firmed after President Donald Trump announced harsh new tariffs on imports, sending shockwaves through global markets. The 10% baseline tariff, with higher levies on key trading partners, is set to take effect on April 9, impacting around 60 countries.
The move escalates trade tensions, fuelling fears of a global economic slowdown. Investors scrambled for safe-haven assets, boosting the yen and Swiss franc, while US Treasury yields plunged. Stock markets also suffered as concerns over inflation and retaliatory measures grew.
European Commission President Ursula von der Leyen warned of potential countermeasures if diplomatic talks with Washington fail. Meanwhile, the euro strengthened, while the British pound surged to a five-month high. In contrast, Asian currencies weakened, with China’s yuan hitting a two-month low.
Market analysts caution that prolonged trade disruptions could weigh heavily on the US economy, increasing the likelihood of recession. However, some experts suggest Trump’s aggressive stance may be a negotiation tactic rather than a long-term economic strategy. As global markets remain on edge, investors await further developments that could determine the course of the unfolding trade conflict.
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Start your day informed with AnewZ Morning Brief: here are the top news stories for the 10th of December, covering the latest developments you need to know.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 9th of December, covering the latest developments you need to know.
The core United Nations (UN) budget could be cut by $577 million next year under a proposal from UN's Secretary-General António Guterres, who is also seeking to eliminate more than 18% of jobs.
Ukraine has welcomed the European Union’s decision to provide €90 billion in support over the next two years, calling it a vital lifeline even as the bloc failed to reach agreement on using frozen Russian assets to finance the aid.
European Union foreign policy chief Kaja Kallas has warned that attempts to reach a peace agreement in Ukraine are being undermined by Russia’s continued refusal to engage meaningfully in negotiations.
Petroleum products are being transported by rail from Azerbaijan to Armenia for the first time in decades. The move is hailed as a tangible breakthrough in efforts to normalise relations between the long-time rivals.
Chinese Foreign Minister Wang Yi has held a phone conversation with his Venezuelan counterpart Yvan Gil at the latter’s request.
A rare pair of bright-green Nike “Grinch” sneakers worn and signed by the late NBA legend Kobe Bryant have gone on public display in Beverly Hills, ahead of an auction that could set a new record for sports memorabilia.
Warner Bros Discovery’s board rejected Paramount Skydance’s $108.4 billion hostile bid on Wednesday (17 December), citing insufficient financing guarantees.
Ford Motor Company said on Monday it will take a $19.5 billion writedown and scrap several electric vehicle (EV) models, marking a major retreat from its battery-powered ambitions amid declining EV demand and changes under the Trump administration.
Iran has rolled out changes to how fuel is priced at the pump. The move is aimed at managing demand without triggering public anger.
U.S. stock markets closed lower at the end of the week, as investors continued to rotate out of technology shares, putting pressure on major indices.
The U.S. Federal Reserve’s Federal Open Market Committee (FOMC) cut its benchmark interest rate by 25 basis points to a range of 3.50% to 3.75% following its two-day policy meeting, according to an official statement issued on Wednesday, 10 December.
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